Planet Wealth

In addition to all the factors noted in today's earlier blog, the January ISM (which is manufacturing data) came in at a much better than expected 58.4.  The January reading was also much higher than the 54.9 reading in December.  For reference, any reading above 50 indicates growth.  The sellers took another couple of shots throughout the day, but never really threatened to reverse the rally and seemed to give up in the afternoon letting the bulls have the day.  The strength of today's rally may well hold for another day or two, however that will then be the big test of whether this is just an oversold bounce.  One thing we are watching closesly is the metals (gold, etc) as they seem ready to run.